Mackenzie Financial Corp Trims Stock Position in T. Rowe Price Group, Inc. (NASDAQ:TROW)

Key Points

• Mackenzie Financial Corp reduced its stake in T. Rowe Price Group by 2.4%, owning approximately 0.06% of the company valued at $12.76 million.
• Several institutional investors have increased their holdings, with Wealthfront Advisers LLC up 109.2% and GAMMA Investing LLC increasing a staggering 9,555.5%.
• T. Rowe Price Group's quarterly earnings exceeded estimates at $2.23 EPS, despite a net revenue of $1.76 billion, falling short of the consensus estimate of $1.80 billion.

Mackenzie Financial Corp cut its stake in shares of T. Rowe Price Group, Inc. (NASDAQ:TROW - Free Report) by 2.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 138,928 shares of the asset manager's stock after selling 3,456 shares during the period. Mackenzie Financial Corp owned approximately 0.06% of T. Rowe Price Group worth $12,763,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Exchange Traded Concepts LLC increased its position in shares of T. Rowe Price Group by 27.9% during the first quarter. Exchange Traded Concepts LLC now owns 971 shares of the asset manager's stock valued at $89,000 after acquiring an additional 212 shares during the last quarter. Schroder Investment Management Group increased its position in shares of T. Rowe Price Group by 49.4% during the fourth quarter. Schroder Investment Management Group now owns 221,579 shares of the asset manager's stock valued at $25,229,000 after acquiring an additional 73,307 shares during the last quarter. Wealthfront Advisers LLC increased its position in shares of T. Rowe Price Group by 109.2% during the first quarter. Wealthfront Advisers LLC now owns 69,326 shares of the asset manager's stock valued at $6,369,000 after acquiring an additional 36,190 shares during the last quarter. Mather Group LLC. increased its position in shares of T. Rowe Price Group by 11.9% during the first quarter. Mather Group LLC. now owns 135,571 shares of the asset manager's stock valued at $12,455,000 after acquiring an additional 14,371 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of T. Rowe Price Group by 9,555.5% during the first quarter. GAMMA Investing LLC now owns 333,212 shares of the asset manager's stock valued at $30,612,000 after acquiring an additional 329,761 shares during the last quarter. 73.39% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on TROW shares. Morgan Stanley lifted their price target on shares of T. Rowe Price Group from $95.00 to $104.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 2nd. The Goldman Sachs Group dropped their price objective on shares of T. Rowe Price Group from $89.00 to $80.00 and set a "sell" rating for the company in a report on Monday, April 14th. Wells Fargo & Company lifted their price objective on shares of T. Rowe Price Group from $98.00 to $108.00 and gave the company an "equal weight" rating in a report on Friday, July 11th. Cowen restated a "hold" rating on shares of T. Rowe Price Group in a report on Monday, May 5th. Finally, TD Cowen dropped their price objective on shares of T. Rowe Price Group from $112.00 to $89.00 and set a "hold" rating for the company in a report on Wednesday, April 9th. Four investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $96.64.

T. Rowe Price Group Stock Down 2.4%

Shares of T. Rowe Price Group stock opened at $101.45 on Friday. T. Rowe Price Group, Inc. has a 52-week low of $77.85 and a 52-week high of $125.81. The company has a 50 day moving average of $98.18 and a 200 day moving average of $98.48. The company has a market capitalization of $22.35 billion, a P/E ratio of 11.50, a P/E/G ratio of 3.06 and a beta of 1.49.

T. Rowe Price Group (NASDAQ:TROW - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The asset manager reported $2.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.13 by $0.10. T. Rowe Price Group had a net margin of 28.38% and a return on equity of 20.17%. The company had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the firm earned $2.38 earnings per share. The firm's quarterly revenue was up .8% on a year-over-year basis. As a group, research analysts anticipate that T. Rowe Price Group, Inc. will post 9.29 earnings per share for the current fiscal year.

T. Rowe Price Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Friday, June 13th were paid a $1.27 dividend. The ex-dividend date was Friday, June 13th. This represents a $5.08 dividend on an annualized basis and a yield of 5.0%. T. Rowe Price Group's payout ratio is currently 57.60%.

Insider Buying and Selling

In other news, VP Dorothy C. Sawyer sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $95.43, for a total transaction of $190,860.00. Following the completion of the sale, the vice president owned 44,789 shares in the company, valued at approximately $4,274,214.27. The trade was a 4.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jessica M. Hiebler sold 968 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $96.98, for a total transaction of $93,876.64. Following the sale, the insider owned 13,611 shares of the company's stock, valued at $1,319,994.78. This represents a 6.64% decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

About T. Rowe Price Group

T. Rowe Price Group, Inc is a publicly owned investment manager. The firm provides its services to individuals, institutional investors, retirement plans, financial intermediaries, and institutions. It launches and manages equity and fixed income mutual funds. The firm invests in the public equity and fixed income markets across the globe.

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